GM has announced the start of a 72-hour sale that includes zero percent financing for up to 72 months on all Pontiacs and large Chevy and GMC trucks and SUVs.
The soon to be dead Pontiac Vibe, G3, G5, G6 and G8 are all included in the sale, which starts today and funny enough runs through July 6th. Too bad that is a little longer than 72 hours... In addition to all the Pontiac models, GM is also including the Chevy Impala, Silverado and Tahoe in addition to the GMC Yukon and Sierra models in the sale.
Other GM models will also have zero percent financing, but for only 60 months.
PRESS RELEASE:
Buy and Say Goodbye: July Offers Make Getting a New GM Vehicle More Affordable
• Buy: 72-Hour sale offers new 0 percent reduced-rate financing for up to 72 months to well-qualified buyers on select GM vehicles
• Say Goodbye: GM will have twice as many qualifying vehicles under the Federal "Cash for Clunkers" program, once it is finalized, than any other manufacturer
DETROIT - General Motors made two announcements today that will help make buying a new GM vehicle even more affordable this summer. Here are the details:
• GM is announcing its "72-Hour Sale," running from July 1 to July 6, 2009, where low-rate financing of 0 percent for up to 72 months will be offered to well-qualified buyers on select 2009 and 2010 vehicles in dealer stock including Chevrolet Silverado and GMC Sierra regular, extended and crew cab light-duty pickups; Chevrolet Suburban and GMC Yukon XL SUVs; Chevrolet Impala; and the Pontiac models: Vibe, G3, G5, G6 and G8. Although not part of the 72-Hour Sale, many other vehicles will have reduced rate financing of 0 percent for up to 60 months for well-qualified buyers. A full list of current offers, conditions, and eligible vehicles, is available at: http://www.gm.com/shop/currentoffers/
• GM has 74 different models -- twice as many as any other auto manufacturer -- that may qualify under the new Federal CARS (Car Allowance Rebate System) "Cash for Clunkers" program. Customers with older vehicles will soon have a new reason to trade in their "clunker" -- vouchers worth from $3,500 to $4,500 cash from the CARS program. CARS provides incentives for consumers to bring in their out-of-date vehicle to scrap and trade-in on a new, more fuel-efficient model. Once the program begins later this month, all a customer needs to do is bring in a qualifying vehicle for scrap, and trade it in on an eligible new GM model, that offers a significant improvement in fuel economy, and the dealer does the rest. A list of the GM models that may qualify, depending on the EPA estimated combined fuel economy of the vehicle they are trading in, as well as its age and condition, is shown below. Customers should visit the official NHTSA site: http://www.cars.gov, or their local GM dealer for more information.
(GM's Proposed Eligible Vehicles List under the 'Cash for Clunkers' CARS program. Subheadings with numbers i.e. '22 and above' refer to EPA estimated combinedfuel economy ratings. Please note that whether a transaction qualifies for an incentive under CARS depends, among other things, on (1) the type of vehicle the customer is trading in, and (2) the increase in EPA estimated combined fuel economy ratings resulting from the purchase of the new vehicle.)
Comments (7)
If you take 72 months to pay off a CAR, you CAN'T AFFORD IT!!! Plus, you should be very wary of the "0%" financing. Have your payment post an hour late in month, say 39, and you'll find out at the end that you owe all of that back interest plus the fact that they've probably added in interest from month 40 to 72.
Please don't say to use direct drafts to your checking b/c there are many horror stories of people that did that at all kind of retailers and still had payments post "late" due to holidays, changes in terms, etc...
Posted by DC in TX | July 1, 2009 11:06 AM
Posted on July 1, 2009 11:06
"will be offered to well-qualified buyers " The argument that you can't afford it if you take 72 months may not apply. You have to be 'well qualified' aka financially responsible. This is an excellent opportunity to get a GM car, simply setup the auto pay and pay the extra normally going to interest as extra principle. In fact, double the payments and pocket the interest costs.
And. i have and continue to use auto-pay for all loans; my current car, house, bills, Internet, etc.. with ZERO problems. So I don't believe that horror stories are all that common compared to the masses.
Posted by sparky | July 1, 2009 1:40 PM
Posted on July 1, 2009 13:40
I don't know anyone with problems related to their auto-pay transactions, maybe I just don't hang around with idiots. Just because a payment is due on a certain date doesn't mean you can't schedule it for a week prior just to make sure it goes through in time. Nothing worse than stupid people blaming the system for their own failures.
Actually, if someone can't handle making 72 monthly payments on time based on a lack of responsibility, maybe they shouldn't be allowed to drive. Some give DC a calculator that will do a PV calc so he can understand how stupid his statements are.
Posted by thetruth | July 2, 2009 8:59 AM
Posted on July 2, 2009 08:59
Hmm, lets see, say I purchase a base G8 for 30k out the door ttl included. The payment should be around $416 @72 months. In 42 months I decide to trade up to something a little bit more sleeker, say a 2012 Malibu SS (You know its coming) with a turbo 4 or better. Think I could break even on the trade with $12000 owed and 42k on the clock? If not, this is not a great deal if wind up being upside down having paid no interest..
Posted by worldbfree4me | July 3, 2009 6:23 PM
Posted on July 3, 2009 18:23
Hmm, lets see, say I purchase a base G8 for 30k out the door ttl included. The payment should be around $416 @72 months. In 42 months I decide to trade up to something a little bit more sleeker, say a 2012 Malibu SS (You know its coming) with a turbo 4 or better. Think I could break even on the trade with $12000 owed and 42k on the clock? If not, this is not a great deal if wind up being upside down having paid no interest..
Posted by worldbfree4me | July 3, 2009 6:26 PM
Posted on July 3, 2009 18:26
For all of you who know it all, how about the fact that dealers don't give you the best price for the vehicle if you do a 0% financing. Also, that "well-qualified buyers" is so open ended that there are a ton of people in financial messes now who should not have even received a loan for a bike; much less a $30K+ car.
Also, did you not read when I stated that there are a variety of reasons why the direct drafts can be "late"? sparky, just like you, I use direct drafts for most items as well but that doesn't negate the fact that there are many people out there who have used it on these types of loans and later have to pay back interest because they were "late".
thetruth, I think you need to expand your mind to the fact that things DO happen. I've had situations where I was brought in to fix issues were the IT department screwed up and people who owed $100 bills, received $10,000 bills. In some cases, the people actually had that money in their accounts and received a draft for that amount. While I was able to fix it quickly, you never know how many people were negatively affected by not having their money in their account even for a 2-3 hr time period.
Continue living in your little bubble and think that the world is all peachy keen (ugg, I hate that phrase) and that there aren't many times where SYSTEMS screw up people who did the right thing. I actually don't mind if people like you pay more than full price because it offsets the times when I can go in, pay cash and (in my experiences) pay on average $4,000-6,000 less than someone else, while having the full value of my trade in since I don't owe anything on the vehicle.
Posted by DC in TX | July 7, 2009 8:07 AM
Posted on July 7, 2009 08:07
because if you give it more than 3 days thought,you will buy a honda.
Posted by Patrick | July 8, 2009 4:42 PM
Posted on July 8, 2009 16:42